Greater Noida Authority Announces New Affordable Housing Scheme
The Greater Noida Industrial Development Authority (GNIDA) is poised to launch a new housing scheme featuring 5,000 expandable, single-story houses. The authority plans to announce the scheme imminently.
Key Features of the Scheme:
- Unit Size: Each house will be built on a 120 square meter plot with a covered area of approximately 100 square meters. The initial construction will be single-story, but allottees will retain the right to add an additional one-and-a-half stories as per the prevailing building byelaws.
- Affordability: The GNIDA anticipates the cost of each unit to be around Rs 30 lakh.
- Relaxed Payment Terms: A key aspect of the scheme is its relaxed payment schedule. “Earlier cash down applications were given preference, but then the needy persons were not able avail the scheme,” explained Mr. Lalit Srivastava, further elaborating upon the revised payment structure. The aim is to make the scheme accessible to a wider range of potential homeowners.
Objectives and Rationale
The overarching goals of this initiative are to attract end-users and increase the city's population. Mr. Srivastava added that this housing development is a priority. Originally, lower rates were planned. However, taking into account recent increases in land compensation, the finally decided rates have been revised accordingly.